Domestic benchmark indices Sensex and Nifty are expected to open in the negative on Monday as SGX Nifty was seen trading down 60 points. Equity markets ended the last week on a strong footing, as they snapped a two-day losing streak and gained close to 1% each. Analysts say market movement this week will be aided by stock-specific actions. “Nifty 50 after rallying almost 38 percent from the lows has formed a spinning top candlestick pattern indicating a moment of indecisiveness. The index seems to be facing a major hurdle at 10550 as this level coincides with a 61.8% Fibonacci retracement of the fall from top to the recent bottom,” said Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote. 

Foreign investors turn net buyers: Reversing the trend, foreign portfolio investors (FPI) have invested Rs 21,235 crore in domestic markets in the month of June. FPIs took out Rs 1,658 crore from the debt markets but pumped in Rs 22,893 crore into equities. Prior to this foreign investors had been pulling their investment away from Indian markets, with a record Rs 1.1 lakh crore being taken away in the month of March. 

Global market: As the number of coronavirus cases rose once again in the United States, US equity markets ended lower in the last trading session. While Dow Jones was down 2.8%, S&P 500 slipped 2.4% and the NASDAQ fell 2.59%. European markets too were seen slipping into the red, DAX ended down 0.73% and CAC fell 0.18%. On the other hand FTSE gained 0.15%. Asian markets on Monday morning were trading in the red. Nikkei 225 was down 1.29%, KOSPI slipped 1.20%, TOPIX went down 1.19%, and Hang Seng slipped 0.58%.

Nifty Midcap 50 and Nifty Smallcap 50 outperform benchmark: Broad market indices, Nifty Midcap 50 and Nifty Smallcap 50 have outperformed the benchmark Nifty 50 index. While Nifty 50 has gained 36.43% while Nifty Smallcap 50 has jumped 37% and Nifty Midcap 50 has surged 44%.

Results Today: Today Bharat Electronics, Bharat Forge, Central Bank of India, MRF Ltd, Parag Milk, Tata Steel, Phoenix Mills, Welspun and GMR Infrastructure Ltd are some of the companies that will announce their january-March quarter results.

Analysing the current trend in the markets, Dharmesh Shah, Head – Technical, ICICI direct, highlighted that domestic equity markets, since March lows of 7,511 points, indices have not corrected for more than two consecutive sessions, except for one instance.